The Naira strengthened yesterday, rising to N1,490 per dollar in the parallel market, up from N1,502 per dollar on Tuesday. In the Nigerian Foreign Exchange Market (NFEM), the Naira also improved, reaching N1,499.8 per dollar.

According to data released by FMDQ, the indicative exchange rate for the Naira decreased to N1,499.8 per dollar from N1,501 per dollar on Tuesday, reflecting a 20 kobo appreciation.

As a result, the gap between the parallel market rate and the NFEM rate expanded to N9.8 per dollar, compared to a margin of 50 kobo per dollar the day before.